Bank of Thailand Signs up to FX Global Code; Foreshadows Mandatory Adherence
Posted by Colin Lambert. Last updated: February 2, 2022
Thailand’s central bank, the Bank of Thailand, has completed a self-assessment of its practices and processes as an FX market participant, to ensure they are aligned with the FX Global Code and signed a Statement of Commitment.
In addition, the Bank says it “strongly encourages” financial institutions in the Thai wholesale foreign exchange market to adopt the Code “as soon as practicable”.
The central bank’s adherence and encouragement to adopt the Code look to be the start of a process rather than end, however, for in a statement the Bank of Thailand says, “Starting from 2025 onwards, the adherence to the Code will indeed become a prerequisite for the BOT’s foreign exchange counterparties”.